OPEN-SOURCE SCRIPT

TechniTrend: Relative Volume Index

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Relative Volume Index (RVI)

Short Description:
Relative Volume Index (RVI) with customizable volume bands, moving averages, and alerts for high and low volume thresholds. Includes options for displaying daily and weekly relative volume for enhanced analysis.

Full Description:
The Relative Volume Index is a powerful and versatile tool designed to help traders easily identify volume trends and anomalies in the market. By comparing the current volume to its moving average, this indicator highlights significant increases or decreases in relative volume, allowing traders to catch potential breakouts, breakdowns, or volume spikes early on.

Key Features:
Relative Volume Comparison: Compares the current volume to the moving average volume over a customizable period, highlighting overbought and oversold conditions.
Volume Alerts: Customizable alert thresholds for high and low relative volume to quickly notify traders when volume exceeds predefined limits.
Custom Moving Averages: Choose from various moving average types (SMA, EMA, WMA) to calculate the average volume over a given length.
Volume Normalization: For better readability, volumes greater than 1000 are divided by 1000 and displayed with a 'K' suffix (thousands).
Volume Bands: Configurable high, average, and low volume bands for visual reference.
Daily Relative Volume: Option to display the daily relative volume in comparison to its daily average.
Weekly Average Volume: Option to display the weekly average volume for broader market trends.

Customization Options:
Length: Customize the period for calculating the moving average.
Volume Moving Average: Toggle to show/hide the volume moving average (normalized in 'K').
Alerts: Set thresholds for high and low volume alerts and configure alerts for immediate notification.
Volume Bands: Toggle to show/hide volume bands for easy visual identification of volume zones.
Daily/Weekly Relative Volume: Optional display of relative volume data on a daily and weekly basis.
This indicator provides traders with a more intuitive view of market volume dynamics, making it easier to spot significant volume changes and take action accordingly.

Recommended Settings:
High Volume Alert Threshold: 2.0
Low Volume Alert Threshold: 0.5
Length for Moving Average Calculation: 14
Show Weekly Average Volume: On for broader trend insights
Use this indicator to stay ahead of market moves by monitoring volume trends with precision.

Alerts:
High Volume Alert: Get notified when relative volume exceeds your high threshold.
Low Volume Alert: Get notified when relative volume drops below your low threshold.
Notes de version
Relative Volume Index (RVI)

Short Description:
The Relative Volume Index (RVI) allows traders to visualize and analyze volume trends using customizable volume bands, moving averages, and alerts for high and low volume thresholds. It also includes options to display daily and weekly relative volume for more comprehensive analysis.

Full Description:
The Relative Volume Index is a robust tool that helps traders identify significant volume trends and anomalies in the market. By comparing the current volume to its moving average, this indicator can highlight periods of heightened or reduced volume activity, signaling potential breakouts, breakdowns, or volume spikes.

Key Features:

Relative Volume Comparison:
Compares the current volume to a customizable moving average, allowing traders to easily spot overbought or oversold conditions based on relative volume levels.

Volume Alerts:
Customizable high and low relative volume alerts, enabling quick notification when volume exceeds or drops below user-defined thresholds.

Custom Moving Averages:
Select from several moving average types (SMA, EMA, WMA) to calculate the average volume over a given length, allowing flexibility in analyzing volume trends.

Volume Normalization:
For better readability, volumes greater than 1000 are divided by 1000 and shown with a "K" suffix (thousands), providing a cleaner visualization of large values.

Volume Bands:
Configurable high, average, and low volume bands are plotted on the chart for quick reference, allowing traders to visually assess volume zones.

Daily and Weekly Relative Volume:
Options to display relative volume data on a daily or weekly basis, giving traders a clearer picture of short-term and long-term volume trends.

Customization Options:

Length: Customize the period for the moving average calculation.
Volume Moving Average: Option to show or hide the moving average of the volume (normalized in 'K' for readability).
Alerts: Set high and low volume thresholds and configure alerts for immediate notifications when these thresholds are met.
Volume Bands: Toggle on/off volume bands to visually distinguish between high, average, and low volume zones.
Daily/Weekly Relative Volume: Optional display of relative volume in comparison to daily and weekly averages.
Recommended Settings:

High Volume Alert Threshold: 2.0
Low Volume Alert Threshold: 0.5
Moving Average Length: 14
Weekly Average Volume Display: On, for broader trend insights.
How to Use:
This indicator provides traders with a more intuitive understanding of market volume dynamics, allowing them to spot significant volume changes and react accordingly. Use it to track volume-based signals for market moves, such as breakouts or reversals.

Alerts:

High Volume Alert: Be notified when relative volume exceeds the high threshold, signaling potential increased market activity.
Low Volume Alert: Receive alerts when relative volume drops below the low threshold, indicating a potential reduction in market interest.
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Script open-source

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